Homework Answers
On May 7th, The Carpet Barn Company should record the purchase of the land at $95,000/-. The following will be the recording entry for this.
Land A/C Dr. 95,000
To Cash A/C 95,000
Then on May 15th, The Company Must revalue the land to $115,000/-. The following will be the recording entry for this.
Land A/C Dr. 20,000
To Revaluation A/C 20,000
Since the Company has been offered a sum of $135,000 on December 10, the land should be further revalued by $20,000 and the land should appear at $135,000 in company's Balance sheet.
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